Spanish financial institutions back 169MW residential solar

• Bankia and Banco de Sabadell providing project funding loans for the 169MW Olmedilla project

Spanish banks Bankia and Banco de Sabadell are giving project financing car loans for the 169MW Olmedilla solar farm in Spain.

The EUR71.5 m organized finance was provided to Olmedilla Hive, a special function vehicle managed by Israel-based Noy Infrastructure & Energy Investment Fund.

Olmedilla, which is located in the Spanish province of Cuenca, is presently under growth and also anticipated to end up being functional by 2022.

The financing follows Noy Fund's current purchase of a majority stake in Olmedilla.

Law office Watson Farley & Williams (WFW) encouraged Noy on the funding, in addition to on all the projects contracts, consisting of, among others, the engineering, purchase and also building (EPC), operation and maintenance (O&M) and the management solutions arrangements.

WFW additionally suggested on the preparing and also arrangement of the plant's EPC as well as O&M project contracts entered into with Aeronaval de Construcciones e Instalaciones.

The WFW Madrid group that encouraged Noy Fund on the purchase was led by financing partner Rodrigo Berasategui and also Madrid office head and partner Maria Pilar Garcia Guijarro, functioning closely with elderly affiliates Juan Vicente Barquilla as well as Fernando Santos, from the finance and corporate group respectively.